الكويزات QUIZ - ملتقى فيصل » MICROECONOMICS

الكويز

MICROECONOMICS - Chapter 1
[أسئلة مراجعة مجهود شخصي - MICROECONOMICS]
MICROECONOMICS (Chapter 1)

عدد الأسئلة: 100

- بعد إنهاء حل الكويز يمكنك تحميله بصيغة PDF.
- سوف تحصل على نقطة إضافية في التقييم عن كل إجابة صحيحة.

1) The English word that comes from the Greek word for "one who manages a household" is

market.

consumer.

producer.

economy.

2) The word "economy" comes from the Greek word oikonomos, which means

"environment"

"production"

"one who manages a household"

"one who makes decisions"

3) Resources are

scarce for households but plentiful for economies.

plentiful for households but scarce for economies.

scarce for households and scarce for economies.

plentiful for households and plentiful for economies.

4) Economics deals primarily with the concept of

scarcity.

money.

poverty.

banking.

5) Which of the following is correct?

The word economy comes from the Greek word for “rational thinker.”

Economists study the management of scarce resources.

Because economists believe that people pursue their best interests, they are not interested in how people interact.

All of the above are correct.

6) The overriding reason why households and societies face many decisions is that

resources are scarce.

goods and services are not scarce.

incomes fluctuate with business cycles.

people, by nature, tend to disagree.

7) The phenomenon of scarcity stems from the fact that

most economies' production methods are not very good.

in most economies, wealthy people consume disproportionate quantities of goods and services.

governments restrict production of too many goods and services.

resources are limited.

8) Approximately what percentage of the world's economies experience scarcity?

10%

40%

85%

100%

9) When a society cannot produce all the goods and services people wish to have, it is said that the economy is experiencing

scarcity.

surpluses.

inefficiencies.

inequalities.

10) Economics is the study of

production methods.

how society manages its scarce resources.

how households decide who performs which tasks.

the interaction of business and government.

11) In most societies, resources are allocated by

a single central planner.

a small number of central planners.

those firms that use resources to provide goods and services.

the combined actions of millions of households and firms.

12) Which of the following is a decision that economists study?

how much people work

what people buy

how much money people save

All of the above are correct.

13) The adage, "There is no such thing as a free lunch," means

even people on welfare have to pay for food.

the cost of living is always increasing.

people face tradeoffs.

all costs are included in the price of a product.

14) Which of the following statements best represents the principle represented by the adage, "There is no such thing as a free lunch"?

Melissa can attend the concert only if she takes her sister with her.

Greg is hungry and homeless.

Brian must repair the tire on his bike before he can ride it to class.

Kendra must decide between going to Colorado or Cancun for spring break.

15) The principle that "people face trade-offs" applies to

individuals.

families.

societies.

All of the above are correct.

16) Sophia is planning her activities for a hot summer day. She would like to go to the local swimming pool and see the latest blockbuster movie, but because she can only get tickets to the movie for the same time that the pool is open she can only choose one activity. This illustrates the basic principle that

people respond to incentives.

rational people think at the margin.

people face trade-offs.

improvements in efficiency sometimes come at the expense of equality.

17) Mitch has $100 to spend and wants to buy either a new amplifier for his guitar or a new mp3 player to listen to music while working out. Both the amplifier and the mp3 player cost $100, so he can only buy one. This illustrates the basic concept that

trade can make everyone better off.

people face trade-offs

rational people think at the margin.

people respond to incentives.

18) Economists use the word equality to describe a situation in which

each member of society has the same income.

each member of society has access to abundant quantities of goods and services, regardless of his or her income.

society is getting the maximum benefits from its scarce resources.

society's resources are used efficiently.

19) Efficiency means that

society is conserving resources in order to save them for the future.

society's goods and services are distributed equally among society's members.

society's goods and services are distributed fairly, though not necessarily equally, among society's members.

society is getting the maximum benefits from its scarce resources.

20) Efficiency

and equality both refer to how much a society can produce with its resources.

and equality both refer to how fairly the benefits from using resources are distributed between members of a society.

refers to how much a society can produce with its resources. Equality refers to how evenly the benefits from using resources are distributed among members of society.

refers to how evenly the benefits from using resources are distributed between members of society. Equality refers to how much a society can produce with its resources

21) The property of society getting the most it can from its scarce resources is called

equity.

efficiency.

equality.

efficacy.

22) The opportunity cost of an item is

the number of hours needed to earn money to buy the item.

what you give up to get that item.

usually less than the dollar value of the item.

the dollar value of the item.

23) In economics, the cost of something is

the dollar amount of obtaining it.

always measured in units of time given up to get it.

what you give up to get it.

often impossible to quantify, even in principle.

24) What you give up to obtain an item is called your

opportunity cost.

explicit cost.

monetary cost.

direct cost.

25) High-school athletes who skip college to become professional athletes.

obviously do not understand the value of a college education.

usually do so because they cannot get into college.

understand that the opportunity cost of attending college is very high.

are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high-school athletes.

26) Denise decides to spend three hours working overtime rather than watching a video with her friends. She earns $10 an hour. Her opportunity cost of working is

the $30 she earns working.

the $30 minus the enjoyment she would have received from watching the video.

the enjoyment she would have received had she watched the video.

nothing, since she would have received less than $30 of enjoyment from the video.

27) Ellie decides to spend two hours taking a nap rather than attending her classes. Her opportunity cost of napping is

the value of the knowledge she would have received had she attended class.

the $24 she could have earned if she had worked at her job for those two hours.

the value of her nap less the value of attending class.

nothing, since she valued sleep more than attendance at class.

28) The opportunity cost of going to college is

the total spent on food, clothing, books, transportation, tuition, lodging, and other expenses.

the value of the best opportunity a student gives up to attend college.

zero for students who are fortunate enough to have all of their college expenses paid by someone else.

zero, since a college education will allow a student to earn a larger income after graduation.

29) A rational decision maker

ignores marginal changes and focuses instead on "the big picture"

ignores the likely effects of government policies when he or she makes choices.

takes an action only if the marginal benefit of that action exceeds the marginal cost of that action.

takes an action only if the combined benefits of that action and previous actions exceed the combined costs of that action and previous actions.

30) A rational decision maker takes an action only if the

marginal benefit is less than the marginal cost.

marginal benefit is greater than the marginal cost.

average benefit is greater than the average cost.

marginal benefit is greater than both the average cost and the marginal cost.

31) A rational decision maker takes an action if and only if

the marginal benefit of the action exceeds the marginal cost of the action.

the marginal cost of the action exceeds the marginal benefit of the action.

the marginal cost of the action is zero.

the opportunity cost of the action is zero.

32) Rational people make decisions at the margin by

following marginal traditions.

behaving in a random fashion.

thinking in black-and-white terms.

comparing marginal costs and marginal benefits.

33) Making rational decisions "at the margin" means that people

make those decisions that do not impose a marginal cost.

evaluate how easily a decision can be reversed if problems arise.

compare the marginal costs and marginal benefits of each decision.

always calculate the dollar costs for each decision.

34) People are willing to pay more for a diamond than for a bottle of water because.

the marginal cost of producing an extra diamond far exceeds the marginal cost of producing an extra bottle of water.

the marginal benefit of an extra diamond far exceeds the marginal benefit of an extra bottle of water.

producers of diamonds have a much greater ability to manipulate diamond prices than producers of water have to manipulate water prices.

water prices are held artificially low by governments, since water is necessary for life.

35) Economists are particularly adept at understanding that people respond to

laws.

incentives.

punishments more than rewards.

rewards more than punishments.

36) People are likely to respond to a policy change

only if they think the policy is a good one.

only if the policy change changes the costs of their behavior.

only if the policy change changes the benefits of their behavior.

if the policy changes either the costs or benefits of their behavior.

37) Which People face tradeoffs. of the following principles is not one of the four principles of individual decision-making?

People face tradeoffs.

Trade can make everyone better off

People respond to incentives.

Rational people think at the margin.

38) Which of the following statements exemplifies a principle of individual decision-making?

Trade can make everyone better off.

Governments can sometimes improve market outcomes.

The cost of something is what you give up to get it.

All of the above are correct.

39) Which of the following is a principle concerning how people interact?

Markets are usually a good way to organize economic activity.

Rational people think at the margin.

People respond to incentives.

All of the above are correct.

40) Which is the most accurate statement about trade?

Trade can make every nation better off.

Trade makes some nations better off and others worse off.

Trading for a good can make a nation better off only if the nation cannot produce that good itself.

Trade helps rich nations and hurts poor nations.

41) The principle that "trade can make everyone better off" applies to interactions and trade between

families.

states within the United States.

nations.

All of the above are correct.

42) The principle that trade can make everyone better off applies to

individuals.

families.

countries.

All of the above

43) Which of the following statements about trade is false?

Trade increases competition.

With trade, one country wins and one country loses.

Bulgaria can benefit, potentially, from trade with any other country.

Trade allows people to buy a greater variety of goods and services at lower cost.

44) England can benefit from trade

only with nations that can produce goods England cannot produce.

only with less developed nations.

only with nations outside of Europe.

with any nation.

45) If the United States decides to trade with Mexico, we know that

Mexico will benefit, but trade with a less developed country could not benefit the United States.

it will not benefit Mexico because workers in the United States are more productive.

Mexico and the United States can both benefit.

it will not benefit either country because their cultural differences are too vast.

46) Trade between countries tends to

reduce both competition and specialization.

reduce competition and increase specialization.

increase competition and reduce specialization.

increase both competition and specialization.

47) Trade makes costs

higher and reduces the variety of goods and services available.

higher but raises the variety of goods and services available.

lower but reduces the variety of goods and services available.

lower and raises the variety of goods and services available.

48) Central planning refers to

markets guiding economic activity. Today many countries that had this system have abandoned it.

markets guiding economic activity. Today many countries that did not have this system have implemented it.

government guiding economic activity. Today many countries that had this system have abandoned it.

government guiding economic activity. Today many countries that did not have this system have implemented it.

49) In communism, central planners decide which of the following?

what goods and services will be produced

how much will be produced

who produced and consumed the goods and services

All of the above are correct.

50) One advantage market economies have over centrally-planned economies is that market economies

provide an equal distribution of goods and services to households.

establish a significant role for government in the allocation of resources.

solve the problem of scarcity.

are more efficient.

51) The basic principles of economics suggest that

markets are seldom, if ever, a good way to organize economic activity.

government should become involved in markets when trade between countries is involved.

government should become involved in markets when those markets fail to produce efficient or fair outcomes.

All of the above are correct.

52) Which of the following statements about markets is most accurate?

Markets are usually a good way to organize economic activity.

Markets are usually inferior to central planning as a way to organize economic activity.

Markets fail and are therefore not an acceptable way to organize economic activity.

Markets are a good way to organize economic activity in developed nations, but not in less developed nations.

53) The term "invisible hand" was coined by

Adam Smith.

David Ricardo.

Karl Marx.

Benjamin Franklin.

54) The invisible hand refers to

how central planners made economic decisions.

how the decisions of households and firms lead to desirable market outcomes.

the control that large firms have over the economy.

government regulations without which the economy would be less efficient.

55) The invisible hand works to promote general well-being in the economy primarily through

government intervention.

the political process.

people's pursuit of self-interest.

altruism.

56) In a market economy, economic activity is guided by

the government.

corporations.

central planners.

self-interest and prices.

57) The decisions of firms and households are guided by prices and self-interest in a

command economy.

centrally-planned economy.

market economy.

All of the above are correct.

58) Prices usually reflect

only the value of a good to society.

only the cost to society of making a good.

both the value of a good to society and the cost to society of making the good.

neither the value of a good to society nor the cost to society of making the good.

59) The term used to describe a situation in which markets do not allocate resources efficiently is

economic meltdown.

market failure.

equilibrium.

the effect of the invisible hand.

60) A rationale for government involvement in a market economy is

markets sometimes fail to produce a fair distribution of economic well-being.

markets sometimes fail to produce an efficient allocation of resources.

property rights have to be enforced.

All of the above are correct.

61) The term market failure refers to

a situation in which the market on its own fails to allocate resources efficiently.

an unsuccessful advertising campaign which reduces demand for a product.

a situation in which competition among firms becomes ruthless.

a firm which is forced out of business because of losses.

62) If an externality is present in a market, economic efficiency may be enhanced by

government intervention.

a decrease in foreign competition.

fewer market participants.

weaker property rights.

63) An example of an externality is the impact of

bad weather on the income of farmers.

the personal income tax on a person's ability to purchase goods and services.

pollution from a factory on the health of people in the vicinity of the factory.

increases in health care costs on the health of individuals in society.

64) Market power refers to the

power of a single person or small group to influence market prices.

ability of a person or small group to successfully market new products.

power of the government to regulate a market.

importance of a certain market in relation to the overall economy.

65) The ability of an individual to own and exercise control over scarce resources is called

market failure.

property rights.

externality.

market power.

66) The term "productivity"

means the same thing as "efficiency."

is seldom used by economists, as its meaning is not precise.

refers to the quantity of goods and services produced from each unit of labor input.

refers to the variety of goods and services from which households can choose when they shop.

67) Productivity is defined as the

amount of goods and services produced from each unit of labor input.

number of workers required to produce a given amount of goods and services.

amount of labor that can be saved by replacing workers with machines.

actual amount of effort workers put into an hour of working time.

68) The amount of goods and services produced from each unit of labor input is called

opportunity cost.

productivity.

externality.

marginal benefit.

69) What is the most important factor that explains differences in living standards across countries?

the quantity of money

the level of unemployment

productivity

equality

70) Almost all variation in living standards is attributable to differences in countries'

population growth rates.

productivity.

systems of public education.

taxes.

71) A direct or positive relationship exists between a country's

productivity and its standard of living.

amount of government spending and its productivity.

total population and its average citizen's income.

rate of population growth and the extent of its trade with other countries.

72) The primary determinant of a country's standard of living is

the country's ability to prevail over foreign competition.

the country's ability to produce goods and services.

the total supply of money in the economy.

the average age of the country's labor force.

73) The fact that different countries experience different standards of living is largely explained by differences in those countries'

populations.

productivity levels.

locations.

None of the above is correct. Economists are puzzled by differences in standards of living around the world.

74) To promote good economic outcomes, policymakers should strive to enact policies that

enhance productivity.

enhance individuals' market power.

result in a rapidly-growing quantity of money.

All of the above are correct.

75) To raise productivity, policymakers could

increase spending on education.

provide tax credits to firms for capital improvements.

fund research and development.

All of the above are correct.

76) To increase living standards, public policy should

ensure that workers are well educated and have the necessary tools and technology.

make unemployment benefits more generous.

move workers into jobs directly from high school.

ensure a greater degree of equality, taking all income-earners into account.

77) To improve living standards, policymakers should

impose restrictions on foreign competition.

formulate policies designed to increase productivity.

impose tougher immigration policies.

provide tax breaks for the middle class.

78) An increase in the overall level of prices in an economy is referred to as

the income effect.

inflation.

deflation.

the substitution effect.

79) Inflation is defined as

a period of rising productivity in the economy.

a period of rising income in the economy.

an increase in the overall level of output in the economy.

an increase in the overall level of prices in the economy.

80) Large or persistent inflation is almost always caused by

excessive government spending.

excessive growth in the quantity of money.

foreign competition.

higher-than-normal levels of productivity.

81) Which of the following would a permanent increase in the growth rate of the money supply change permanently?

inflation

unemployment

both inflation and unemployment

neither inflation nor unemployment

82) Scarcity means that there is less of a good or resource available than people wish to have.

True

False

83) Economics is the study of how evenly goods and services are distributed within society.

True

False

84) Economics is the study of how society allocates its unlimited resources.

True

False

85) Because resources are scarce, a society cannot give all individuals the standard of living to which each aspires.

True

False

86) Economists study how people make decisions.

True

False

87) Choosing not to attend a concert so that you can study for your exam is an example of a tradeoff.

True

False

88) Efficiency means everyone in the economy should receive an equal share of the goods and services produced.

True

False

89) An individual deciding how to allocate her limited time is dealing with both scarcity and trade-offs.

True

False

90) The cost of an action is measured in terms of foregone opportunities.

True

False

91) A marginal change is a small incremental adjustment to an existing plan of action.

True

False

92) A rational decision maker takes an action if and only if the marginal cost exceeds the marginal benefit.

True

False

93) A tax on gasoline is an incentive that encourages people to drive smaller more fuel-efficient cars.

True

False

94) To say people respond to incentives means that people may alter their decisions when the costs and benefits of an action change.

True

False

95) Trade allows each person to specialize in the activities he or she does best, thus increasing each individual's productivity.

True

False

96) Trade with any nation can be mutually beneficial.

True

False

97) The invisible hand ensures that economic prosperity is distributed equally.

True

False

98) A market economy cannot produce a socially desirable outcome because individuals are motivated by their own selfish interests.

True

False

99) Communist countries worked on the premise that government officials were in the best position to allocate the economy’s scarce resources.

True

False

100) The government can potentially improve market outcomes if market inequalities or market failure exists.

True

False

Adsense Management by Losha

المواضيع والمشاركات في الملتقى تمثل اصحابها.
يوجد في الملتقى تطوير وبرمجيات خاصة حقوقها خاصة بالملتقى
ملتزمون بحذف اي مادة فيها انتهاك للحقوق الفكرية بشرط مراسلتنا من مالك المادة او وكيل عنه